NCR is filled with various projects stalled in different stages of construction. Buyers have been running pillar to post to get justice, some for nearly a decade. More than 50, 000 home buyers stuck in under-construction projects in Noida and Greater Noida can now see light at the end of the tunnel.
According to a research report by ANAROCK Property Consultants Pvt. Ltd, there are as many as 220 projects with 174,000 homes, that are completely stalled in the top seven cities alone. Most of these projects were either launched in 2013 or before and worst aspect is that almost 66% of these stalled units (approximately 115,000 homes) have already been sold to buyers.
Understandably, these buyers have been left in the lurch—at the mercy of either the concerned developers or the law of the land. National Capital Region (NCR) has the largest pile-up of such stalled units with 118,000 homes with maximum concentration in Noida and Greater Noida.
Amrapali
In a landmark judgment last week, the Supreme Court cancelled the registration of Amrapali Group of companies, a Noida-based real estate developer, under the Real Estate (Regulation and Development) Act, 2016 (RERA), and appointed NBCC (India) Ltd, formerly known as National Buildings Construction Corp. Ltd, a government of India Navratna enterprise, to complete the various under-construction projects.
The announcement comes as a ray of hope for some 40, 000 home buyers who have invested in the various projects by the developer.
Unitech
In another case, the Centre informed the Supreme Court on July 29 that its construction arm NBCC is ready to act as a project management consultant for unfinished housing projects of Unitech Group.
NBCC will not undertake any construction work by itself but will appoint separate agencies as per the requirements for the completion of the balance works of Unitech projects. Upon completion of the phases of each project, Unitech will be responsible for the maintenance of the project with ‘absolute exclusion of NBCC.’
The move is expected to bring relief to some 16, ooo distressed buyers.
Jaypee Infratech
The SC rulings on Amrapali and Unitech cases have given fresh hope to some 25, 000 Jaypee homebuyers as well, who are waiting for more than five years for their dream home.
In the latest happenings, an appellate tribunal on Tuesday directed the appointed resolution professional (RP) to call fresh bids for resolution of the real estate developer. It also excluded a period of 90 days from insolvency proceedings thus far, granting additional time under the 270-day resolution timeline, ET Realty reported.
Earlier, the Noida Development Authority reportedly has given early indication of setting up a “stress fund” to disburse seed money to kick-start stalled projects.
Here is more about Noida real estate news and trends.